8 Unit Closing in Prime Santa Monica
DEAL STORY
Our relationship with the seller began many years ago in 2016 when we first started talking to him about his multiple apartment buildings. After many years of consistent communication, we were able to earn this seller’s trust resulting in being rewarded this listing to sell his Santa Monica property in early August 2022, nearly 7 years after our relationship began.
We hit the market on August 4th and were able to quickly expose the listing to thousands of investors and brokers within the first few days of marketing. Within a week, we were able to generate 3 signed offers from qualified buyers, one of which came from our buyer who was willing to open escrow without any contingencies at all, meaning his deposit would go hard (non-refundable) from day 1 of escrow.
The seller accepted the offer from the buyer who was willing to open escrow without any contingencies, and the buyer wired in his non-refundable deposit on August 15th to solidify the deal, just 11 days after we hit the market. Escrow went on without a hitch leading to our successful closing today, less than 70 days after we listed the property.
The seller is exchanging into single-tenant triple net properties, focusing on fast food restaurants with drive throughs that have at least 10 years remaining on the lease. The seller’s motivation was to get away from strict rent control laws in Santa Monica and exchange into a management-free property with higher cash flow. The buyer was a local investor who owns dozens of other apartment buildings and was looking to add to his portfolio of well located properties.
Top 3 Most Active Team in Santa Monica
With 12 apartment building closings in Santa Monica since 2019, we have earned a spot in the top 3 most active apartment agents in Santa Monica throughout all brokerages, and we are the #1 most active in Santa Monica at Marcus & Millichap (source: CoStar). In this time period, there are been about 225 total multifamily sales in Santa Monica, meaning we have over a 5% market share in the city.
